a single woman paying off over $140,000 of debt

[-$67,520] Making Hay While the Sun Shines

Why do I make such large payments on my student loan debt? Because, for now at least, I can.

In the past month, I’ve dodged a bullet that would have raised my rent by over 50% (losing a new roommate because of discord in the house). So far the climate in the house is improving. I’m really hoping it continues.

I’ve always known, and written here, about how my cheap (for this area) rent will not last. At some point in the future, LL (landlord) will stop… landlording and we’ll all have to leave. When that happens, my rent will go up significantly as soon as I move anywhere else. So I must pay as much as I can now toward this debt, while I have this cash flow. In other words, I have to make hay while the sun shines.

It can feel like a balancing act sometimes. I want to put everything I can toward this debt, but I’ve learned enough to know that not all sacrifice is good sacrifice.

Save enough in case you live long, and spend enough in case you die young.

I heard this somewhere and it perfectly sums up what we’re all trying to do. It can be so easy to take things for granted as soon as we hit a smooth patch. Our jobs, our health can leave us at any time, as I know from first hand experience. It’s so easy to forget that; unless we get these little jolts of reality reminding us how much of our fortunate condition is…conditional.

So, if the sun is shining for you right now, get to work. Spend a little, but save a lot more. Eventually every sunny day ends and none of us knows what tomorrow will bring.

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17 comments

mrspickypincher
· August 15

Agreed! Although I’ve had a few people make anti-FIRE remarks using similar logic (“Why are you saving so much when you should be enjoying this time of your life?”). It really depends on what your long term goals are. Since I don’t *plan* on dying soon (*crosses fingers*), it makes significantly more sense to live small and plan for the future. It’s not always about sacrifice, though–it’s about living well right now and realizing what’s cluttering your life.

Hey There! We’re close to each other on Rockstar Finance’s list of net-worths, so I enjoy keeping tabs on your journey. It’d be cool to maybe do a crossover post/collab or something. It’s interesting how our numbers are close, but we have different stories to tell.

“Save enough in case you live long, and spend enough in case you die young”. I completely agree with your wisdom, I missed some great opportunities before I realized not all sacrifice is good. But please watch your words about your assumption that you would not be able to find other “cheap rent”. The God that brought you this opportunity can bring you another if need be. Please don’t close a future door with your words.

Thank you. I wish I could earn overtime at my employer. I’d be all over that. I hope the opportunity lasts for you. The good news is that you earn a great income and with student loan forgiveness on the horizon for you, you’re already doing good things.

About Me

I am Denise, a 40-something single woman living in the U.S. This blog chronicles my slow climb out of deep debt. My “double debt” refers to the $140+K twin terrors of student loan debt ($112,000+) and credit card debt ($30,000+). “Single woman” will address the difficult choices, challenges, and opportunities that those without partners experience when dealing with large debt alone.

After my wake up call (financial trauma) of losing my job in 2013 while carrying over $140,000 in debt, I embarked on the path of extreme saving and minimalism to get my finances in order and ensure some measure of security for my later years.

Here, I write about my successes and failures along with my hopes and fears. I am currently living on 30% of my take home pay, while the other 70% goes toward debt payoff and savings. It’s not easy, but nothing worth doing ever is. Follow my journey…